OSLO: Norwegian oil exploration company North Energy said on Tuesday it will review its options and look at various alternatives as falling oil prices pose big challenges.
"As of the strategic review, the board will explore options for North Energy both as a stand-alone entity and in combination with others," it said in a statement.
Oil companies face an uncertain outlook because of the weak oil price and rising costs, which have forced the industry to cut back on capital expenditure.
"Although these developments present challenges, it is also evident that they will present attractive opportunities to invest in organic growth initiatives and further exploration assets," North Energy said.
The company said that its strategic review would not necessarily to result in a transaction.
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